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WSJ OPINION - Trump and Congress Need to Attack the U.S. National Debt

Rising deficits and interest costs impede economic growth and undermine global trust in the dollar

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It’s time to face reality. The era of spending without limits or accountability has reached its breaking point. We must start by reducing the debt, a challenge that’s daunting but not insurmountable...

 

Trump and Congress Need to Attack the U.S. National Debt

Rising deficits and interest costs impede economic growth and undermine global trust in the dollar

By Jodey Arrington
January 29, 2025

Treasury Secretary Scott Bessent is concerned about America’s large and growing national deficit. “We have never seen this before when it is not a recession or not a war,” he said during his confirmation hearings. He’s right. Our deficit is unsustainably high, and without a course correction it will undermine efforts to promote economic growth and reduce inflation and threaten our standing as the world’s superpower.

Joe Biden's fiscal legacy can be summarized in one shameful milestone: The federal government now spends more paying interest on the national debt than it does on defense. Interest spending nearly tripled during Mr. Biden’s term. This is a disastrous result of his reckless spending spree, which ballooned the debt, triggered rampant inflation and increased borrowing costs for consumers and businesses. As Republicans prepare to turn the page and execute President Trump’s America-first agenda, surging interest costs represent a ticking time bomb that must be defused. 

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